- PancakeSwap, the Binance Smart Chain exchange, has flipped Uniswap to become the top decentralized exchange by volume
- PancakeSwap has grown in popularity as the exchanges offers fast transactions at very low cost
- Users are flocking to the exchange in the hope of making four-figure returns
PancakeSwap, the Binance Smart Chain (BSC) exchange that started serving up tasty tokens last September, has leapfrogged Uniswap to become the top decentralized exchange by volume. The honor caps a remarkable few weeks for the fledgling exchange, with its ability to offer fast swaps at extremely low cost appealing to users fed up with the exorbitant fees charged by Ethereum-based exchanges like Uniswap.
PancakeSwap Hitting $1 Billion in Daily Volume
PancakeSwap has been steadily making its way up the charts since launching in September, offering a variety of coins, some already on the Binance platform and others on BSC only. PancakeSwap recently became only the second decentralized exchange to cross the $1 billion per day volume marker, something only managed to date by Uniswap, and is now trading more than its more illustrious cousin on a daily basis.
Following the example of Uniswap, PancakeSwap tokens have been seeing incredible returns, with many tokens doing thousands of percent in short order. This is only increasing the flow of users from the unicorn forest to the pancake house in search of monumental returns. It has also driven the native PancakeSwap token, CAKE, to hit $18, up 2,000% in the last month alone. It has also helped push the BNB token to a sensational $284 when it was $100 just ten days ago.
Migration Inevitable Given Ethereum Fees
Such a migration was inevitable when transactions on Ethereum-based exchanges reached hundreds of dollars, and the rise of PancakeSwap could be the first of many to take trade away from Uniswap and other such exchanges. The rollout of Ethereum 2.0 will help reduce these fees, but this could still be some time away, by which time Ethereum-based DEX’s could have seen an exodus of users.
